Global Market for Machine Condition Monitoring Equipment is Projected to Reach US$2.61 Billion by 2020
Increasing Focus on Optimum Asset Utilization Drives Demand
for Machine Condition Monitoring Equipment, According to New Report by Global Industry Analysts, Inc.
GIA announces
the release of a comprehensive global report on Machine Condition Monitoring Equipment
markets. Global market for Machine Condition Monitoring
Equipment is projected to reach US$2.61 billion by 2020, driven by the growing
focus on optimum asset utilization and adoption of predictive maintenance to reduce
machine repairs, and optimize operational efficiency.
For companies to survive in the modern
competitive world, implementation of right strategies for
ensuring efficient management of day to day operations remains critical. Given
that timely delivery of products and services is a key competitive variable
dictating success or failure of a company, the importance of uninterrupted,
efficient, and clutter-free production operations comes to fore. As a key
strategy that helps organizations improve their operational efficiency, asset
management is increasingly gaining prominence in the modern business world. As
a major step towards ensuring better asset management and utilization,
identifying vulnerabilities of assets and fixing the same assumes profound
importance.
With industrial consumers becoming increasingly concerned about rising
maintenance costs and production downtime caused due to unscheduled breakdown
of machinery, predictive maintenance solutions such as machine condition
monitoring is gaining traction. Hard
learnt lessons from the 2007-2009 economic recession and recent structural and
cyclical slowdown in developed and developing markets, especially the
importance of avoiding additional costs during taut economy, have been
compelling manufacturers to invest wisely on technologies that can help prevent
abrupt production disruptions, thus nurturing growth opportunities for machine
condition monitoring equipment.
Future growth
in the market will be driven by healthy demand from major end-use markets such
as Chemicals, Petrochemicals & Oil & Gas, Power, Aerospace &
Defense, and Process Industry & Manufacturing. Stringent product usage
specifications, strong government workplace and personnel safety regulations,
and tight quality control are primary factors influencing demand for machine
condition monitoring equipment in these end-use markets. Growing importance of
lean manufacturing, just-in-time inventory practices and increasing focus on
product quality, particularly in processing industry have also been benefiting market
demand for machine condition monitoring equipment. Condition of production
machinery primarily dictates timely use of raw material, the cost and quality
of products produced. Furthermore, increasing complexity of modern machinery
requires continuous monitoring and testing thus making machine condition
monitoring equipment a key investment in major end-use industries.
As stated by the
new market research report on Machine
Condition Monitoring Equipment, Vibration Monitoring Equipment represents the
largest product market. Thermography equipment on the other hand is the fastest
growing product segment. By region, the United States
represents the largest market worldwide, while Asia-Pacific represents the
fastest growing market with a CAGR of 7.7% over the analysis period. Growth in
Asia is led by rapid industrialization, competitive pressure to
achieve operational efficiency, and expansion of the manufacturing base as a result
of migration of production activities to low cost Asian countries like China,
India, Korea, and Vietnam.
Major players
in the market include Azima DLI LLC, Brüel & Kjær Vibro, ClampOn AS,
Corrpro Companies Inc., Data Physics Corporation, Emerson Process Management,
FLIR Systems Inc., GE Energy, Halma Plc, Honeywell Process Solutions, Fluke
Corporation, IMI Sensors, ITT Monitoring and Control Inc., LumaSense
Technologies, Nippon Avionics Co. Ltd., Parker Kittiwake, Rockwell Automation
Inc., Shinkawa Electric Co. Ltd., SKF Condition Monitoring Inc., SPM Instrument
AB, and The Timken Company, among others.
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